Pakistan’s banks urge the government to fix bad debt tax treatment in Budget FY26. They seek alignment with IFRS 9 standards, arguing current laws delay deductions & create discrepancies. A tax framework consistent with SBP guidelines would reduce litigation & enhance transparency.
OICCI warns Pakistan’s tobacco sector is losing Rs300B annually to illicit trade. Legitimate businesses, contributing 98% of taxes, are struggling as untaxed brands thrive. They urge the government for tax relief, MLP enforcement, and stronger Track & Trace to protect revenue & legal industry.
Tax firm urges Pakistan to scrap the failed “Tajir Dost” scheme, proposing a 1% minimum income tax on traders instead. They also suggest capping cash transactions, stabilizing the rupee without devaluation, and industrial incentives, while doubting FBR’s ambitious tax targets.
LTO Karachi collects a record Rs2.56 trillion in taxes (July-April FY25), a 27% surge, boosting Pakistan’s economy. Direct taxes up 28%, sales tax surpasses Rs1T. Significant growth in Federal Excise Duty. Key for national fiscal health.
Pakistan’s oil refineries celebrate the resolution of a major sales tax dispute, paving the way for $6B in upgrades. This move promises energy independence, cleaner fuels, and economic growth.
Pakistan plans a 5% federal excise duty on over 50 ultra-processed foods like chips, sodas, and frozen meals in the 2025-26 budget for major revenue gains.
IMF sets 11 new conditions for Pakistan’s Rs 17.6T budget, focusing on energy, taxes, trade, and governance reforms. Geopolitical risks highlighted.
Arif Habib expects super tax cut & relief for industries/salaried class in Pakistan’s FY25-26 budget after PM’s indication. Budget due June 2.
Pakistan committee slams govt/FBR for bypassing parliament with Tax Ordinance 2025, citing misuse of power & taxpayer rights concerns over immediate enforcement.
FBR gets sweeping powers under new Ordinance 2025 for swift tax recovery post-court rulings, bypassing timelines. Critics raise due process concerns.